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Possible Bearish Inside Day Candle Pattern Detected for T Rowe Price (NASDAQ:TROW)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in T Rowe Price (NASDAQ:TROW) based on the price action in the company's shares. Today's price range of $66.04 and $66.32 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of T Rowe Price may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

T. Rowe Price Group Inc. is a financial services holding company. The Company, through its subsidiaries, provides investment advisory services to individual and institutional investors. T. Rowe manages a broad range of U.S. and international stock, blended asset, bond, and money market mutual funds and other investment portfolios.

T Rowe Price (NASDAQ:TROW) has potential upside of 20.6% based on a current price of $66.16 and analysts' consensus price target of $79.76. The stock should find initial resistance at its 200-day moving average (MA) of $72.32 and further resistance at its 50-day MA of $73.70.

In the past 52 weeks, shares of T Rowe Price have traded between a low of $63.57 and a high of $82.50 and are now at $66.16, which is 4% above that low price. The 200-day and 50-day moving averages have moved 0.12% lower and 0.63% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of T Rowe Price on July 26th, 2016 by issuing a Downtrend alert when the shares were trading at $71.34. Since that call, shares of T Rowe Price have fallen 7.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle t rowe price

Ticker(s): TROW